Ester Industries Limited is a prominent manufacturer of PET films and engineering plastics, incorporated in February 1985. The company is headquartered in the National Capital Region of India, specifically in Gurgaon, Haryana, while its primary manufacturing facility is located at Khatima, in the state of Uttarakhand, India. Ester Industries was the first company in the country to have integrated operations to manufacture three products: polyester chips, polyester film, and dope-dyed polyester filament yarn.
The company has grown from a small startup to one of India's leading, most recognized polyester film manufacturing companies, with 30 years of industry expertise in manufacturing polyester films, specialty polymers, and engineering plastic compounds. Ester Industries Ltd is an ISO 9001:2008, ISO 22000:2005, and TS16949:2002 certified company, underscoring its commitment to quality and operational excellence.
Ester is organized into three core business divisions: BoPET Films, Engineering Plastics, and Specialty Polymers. The company boasts significant production capacities: 57,000 tonnes per year for BoPET Films, 26,000 tonnes per year for Engineering Plastics, and 47,000 tonnes per year for Specialty Polymers. The company operates state-of-the-art manufacturing facilities in Khatima, Uttarakhand, and Hyderabad, Telangana, with a combined capacity of 67,000 TPA of Polyester Resin, 110,000 TPA of Polyester Film, and 30,000 TPA of Specialty Polymers.
The Polyester Chips & Films division is a major revenue contributor, accounting for 87% of the company's revenue in 9M FY25. Ester manufactures a diverse range of polyester films, including white opaque, high barrier, heat sealable, shrink film, metallized high barrier, and matte varieties. These films are utilized across various applications such as flexible packaging, barrier packaging, embossing, lidding, and label & graphics. The company markets its polyester films under the brand name 'UmaPET' and has established a global reputation as a supplier of premium products.
The company markets its engineering plastics under the brand 'Estoplast'. While polyester films primarily serve the flexible packaging industry, specialty polymers find applications in niche areas, including rigid packaging and textiles. The Engineering Plastics business processes various materials tailored for industries such as automotive, electrical & electronics, appliances, and telecommunications, showcasing the versatility of Ester's product offerings.
Ester Industries has consistently focused on expanding its manufacturing footprint and capabilities. The company added new BOPET Film capacity in Telangana through its wholly owned subsidiary, Ester Filmtech Limited, which commenced commercial production from January 20, 2023. The new Film Plant in Hyderabad officially started its commercial operations in March 2023. This expansion is part of a broader strategy, which included the commissioning of three new lines for thin BOPET film in India in 2016, adding approximately 933 kilotonnes of capacity to the industry.
Ester Industries Ltd currently holds a market capitalization of Rs 1,110 crore as of recent data. The company demonstrated a robust financial turnaround, reporting 23% income growth and a 485% EBITDA rise in FY25, moving from a net loss to a significant profit. For the full year ended March 2025, the net profit was recorded at Rs 13.70 crore, a stark improvement compared to a net loss of Rs 121.05 crore in the previous year (FY24). Sales also saw a healthy increase of 20.56% to Rs 1,282.14 crore in FY25, up from Rs 1,063.45 crore in the prior year.
- Q4 FY25: Reported a net profit of Rs 1.96 crore, a significant recovery from a net loss of Rs 23.72 crore in Q4 FY24. Sales for the quarter rose by 15.37% to Rs 319.26 crore.
- Q3 FY25: Achieved a net profit of Rs 24.82 crore, contrasting with a net loss of Rs 44.82 crore in Q3 FY24. Sales for the quarter increased by 29.06% to Rs 345.58 crore.
Ester Industries has a strong international presence, currently exporting about 30% of its polyester film production. The company's extensive sales and distribution network spans more than 56 countries across the globe. Specialty Polymers are primarily manufactured for the lucrative US market and other overseas markets, highlighting its strategic focus on global demand. To further its international reach, the company operates two wholly owned foreign subsidiaries: Ester International (USA) Ltd and Ester Europe GmbH.
Ester Industries is actively pursuing strategic partnerships and initiatives for future growth. In May 2024, the company finalized an agreement with Loop Industries Inc. to form a 50/50 India joint venture. This JV aims to establish and operate an Infinite Loop™ India manufacturing facility. This facility will produce recycled dimethyl terephthalate (rDMT), recycled mono-ethylene glycol (rMEG), and specialty polymers using the innovative Infinite Loop™ technology. Construction is anticipated to conclude by the end of 2026, with commercial operations slated to commence in early 2027.
The company's strategic focus on higher-margin products is evident from the growth in the share of value-added products, which increased from 22% in FY22 to 31% in Q3 FY25. In May 2025, Ester Industries strengthened its leadership by appointing Abhay Anant Gupte as an Independent Director. With over 40 years of experience across diverse sectors, his appointment is expected to enhance the company's trajectory as it targets growth in BOPET Films and Specialty Polymers.
Ester Industries places a strong emphasis on sustainability and circularity, aligning perfectly with the Infinite Loop™ technology developed by Loop Industries. This technology focuses on recycling various types of polyester waste into high-value-added polyester products. The company already incorporates an in-house recycling system from Erema, including its solid-state polycondensation (SSP) process, for its PET film plant, boasting a significant capacity of 100 tonnes per day, demonstrating its commitment to environmentally responsible manufacturing.
The promoter holding in Ester Industries Ltd has shown an increase, reaching 62.73% as of April 2025, up from 62.40% as of September 2024. This indicates strong promoter confidence in the company's future. The company has recommended a dividend of Rs 0.60 for FY25 and has reappointed its auditors while proposing new independent directors, reflecting robust corporate governance practices.
